Tennessee FHA Loans

Getting a new home in the state of Tennessee with a Federal Housing Administration loan or FHA loan has its benefits and advantages. With the Federal Housing Administration fully backing up and guaranteeing the loan, mortgage companies in Tennessee like 1st Continental Mortgage can offer much better terms.

Do not think that you are automatically disqualified for a Tennessee FHA loan program just because you have suffered some credit problems in the past. The FHA loan programs in all states, including Tennessee, were created to help people just like you to have the opportunity to own a home. Perfect credit is not required, credit history in general is not required, nor do you have to be a first time home buyer to qualify! These are some of the most important benefits offered by an FHA loan.

Indeed, even with a credit dings, this will not in and of itself, necessarily preclude you from qualifying for any of the FHA Home Loan programs. Whether you've had some credit dings or you've got perfect credit, the FHA loan program offers Tennessee home buyers a great opportunity to get a fixed rate loan at great low rates.

bankruptcy Is Not A Stand Alone Disqualification

The Tennessee FHA loan program is more than willing to qualify you for a loan even if you filed for Bankruptcy in the past. You must still be able to meet our minimum requirements, which is, the bankruptcy must have happened over two years ago. Even a foreclosure will not disqualify you, so long as it occurred over three years ago and meets underwriting criteria.

The FHA loan program boasts a variety of loan options that will suit almost every borrowers particular financing needs. Whether you are wanting a short term Adjustable Rate Mortgage or a safe secure 30-year, fixed-rate loan. Our Tennessee FHA loan programs can help. Our FHA underwriting standards are definitely based upon an equal opportunity process and we strictly observes fair lending practices. Do not be discouraged even with past bad credit. Consult with a 1st Continental Mortgage loan officer and lets assess if a Tennessee FHA loan is right for you.

What are the other benefits of a Tennessee FHA loan?

• up to 97 percent financing options are available
• Down payments of 3 percent of price of sales
• Gift money can be utilized as down payment as well as closing costs
• Closing costs are FHA regulated
• No minimum requirements on FICO and credit score

What is the most popular and widely used FHA loan in Tennessee?

The fixed rate loan is the most popular and most secure Tennessee FHA loan, especially among those who are buying their homes for the first time. If you have never purchased a house before, you may want to consider this type of FHA loan. The fact is, a 30 year fixed loan will keep your payments to a minimum, offer payment security and extremely low risk to you. The fixed rate FHA loan will finance 97 percent of your loan. There are debt-to-income ratios that you will need to adhere to, but the fixed rate loan does not have a "minimum income" to be eligible for a FHA insured loan. If you are not sure about your debt-to-income data, just give us a call today for a no obligation consultation.

Can I ask for any assistance from HUD if I fall behind on my loan payments?

On of the most under valued benefits of the FHA program is the ability to work out defaults i prior to a foreclosure situation, and save your home. Unlike traditional mortgage, the FHA loan program DOES care about your success. Some loan situations that you might get into will qualify for assistance from the HUD. This assistance in updating your FHA mortgage are based upon requirements that must be fulfilled by you. It should be noted that any workout situation offered by HUD on an FHA Insured Loan is a one-time affair, however, knowing you have multiple solutions in the future for unexpected financial catastrophe really does bring a little more piece of mind.